IndusInd International to buy 60% in Invesco AMC
Invesco will retain a 40% stake in the fund house, while both IIHL and Invesco will have sponsor status. The size of the deal has not been disclosed. IIHL is the promoter entity of IndusInd Bank.
Mumbai: Holdings (IIHL) will acquire a 60% in Invesco Asset Management.Invesco will retain a 40% stake in the fund house, while both IIHL and Invesco will have sponsor status. The size of the deal has not been disclosed. IIHL is the entity of .
Invesco is the fifth-largest foreign and the 17th largest domestic asset manager in India with combined onshore and offshore advisory and assets under management (AUM) of ₹85,393 crore as of March 31, 2024, with a presence in 40 cities across the country.
The stake purchase has paved the way for Hinduja Group's entry into the fast-growing mutual fund industry and make IndusInd International Holdings into a full-fledged financial services firm.
"It was our vision to transform IIHL into a BFSI powerhouse," said Ashok Hinduja, chairman, IIHL.
The Indian mutual fund industry has seen its AUM double from ₹23.16 lakh crore in February, 2019 to ₹54.54 lakh crore as on February 2024.
"A strong domestic partner will significantly increase the JV's ability to expand into more Indian cities and towns, which are driving industry growth," said Saurabh Nanavati, CEO of Invesco Asset Management India.
Source: Stocks-Markets-Economic Times
